Ramyeon and seafood lead steepest inflation rate climb in 5 months

On the economic front.

Inflation here in Korea picked up pace in June rising at its fastest rate since the start of this year.

Our correspondent Kim Do-yeon covers this rise in rate and the reasons behind it.

Consumer prices in South Korea climbed back to the two-percent range in June marking the fastest pace in five months.

According to the data released by Statistics Korea, consumer prices in June increased by 2-point-2 percent year-on-year.

The jump comes after last month the on-year percentage dropped below 2 at 1-point-9.

"Although the increase in livestock prices has slowed, the decline in agricultural products has narrowed, petroleum products have turned upward, and prices for processed foods and other items, excluding dining out, have risen further — resulting in a 2-point-2 percent year-on-year increase."

Processed food prices, in fact, jumped four-point-six percent for the sharpest increase since late 2023.

This means bread, coffee, and ham led the gains but one of the most popular processed foods for Korea, ramyeon also jumped.

"Once a cheap source for a quick meal, ramyeon prices aren't what they used to be.

On-year, prices have jumped 6.9% that's the highest in 21 months.

The government explains that this is due to ingredient prices going up."

"I think it's really expensive. I don't buy in bulk anymore, and I eat less of it."

Seafood prices also saw a notable climb, up seven-point-four percent, with officials pointing to global warming and unstable marine conditions.

Consumers feel the difference and need to take advantage of good opportunities.

"We're a family of three, and we used to eat a lot of fish. It's too expensive for us now, but I'm here because I heard there's a sale."

Meanwhile, oil prices edged up zero-point-three percent, due to the geopolitical tensions in the Middle East.

The Finance said that given uncertainties such as weather conditions and volatility in global oil prices, it will make all-out efforts together with related ministries to stabilize consumer prices.

In particular, to keep food prices in check, it plans to continue measures such as discounts on agricultural, livestock, and fisheries products, as well as applying quota tariffs on key food ingredients.

Kim Do-yeon, Arirang News.